The Business Times
business-time-50
SUBSCRIBERS

Manulife US Reit H2 distributable income falls 13.3%

google-preferred-sourceAdd BT as a preferred source
Raphael Lim
Michelle Zhu

Raphael Lim &

Michelle Zhu

Published Thu, Feb 8, 2024 · 08:51 AM
    • Tripp Gantt, chief executive of Manulife US Reit's manager, says priorities for 2024 will focus on asset dispositions and maximising proceeds to further reduce indebtedness and fund capital expenditure.
    • Tripp Gantt, chief executive of Manulife US Reit's manager, says priorities for 2024 will focus on asset dispositions and maximising proceeds to further reduce indebtedness and fund capital expenditure. PHOTO: MANULIFE US REIT

    MANULIFE US Real Estate Investment Trust (MUST) reported on Thursday (Feb 8) a 13.3 per cent decline in distributable income for the second half of FY2023, despite higher gross revenue and net property income (NPI).

    No distribution was declared for the second half ended December 2023 – unchanged from the first half – as the Reit manager will be halting distributions until end-2025 following the Reit’s recapitalisation plan that unitholders approved last year.

    Revenue for H2 FY2023 grew 6.2 per cent to US$108.5 million, while NPI improved by 6.7 per cent year on year to US$59.2 million.

    manulife us reitFinancial resultsS-ReitsSingapore REITs

    TRENDING NOW

    Han Keen Juan, executive chairman, Old Chang Kee says he did not build his curry puff empire alone

    From hawker stall to Enterprise Award winner: How Han Keen Juan scaled the Old Chang Kee empire

    In an Instagram video post, Dr Koh says: "I have been an absent husband, father and son since I stepped into politics in 2015."

    Dr Koh Poh Koon resigns from ministerial roles for ‘family reasons’, will stay on as MP

    The price paid for the Shi family’s latest bungalow purchase in Cluny Hill works out to S$2,295 psf on a land area of 37,036 sq ft.

    Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million

    The authorities say the new measures will not affect the majority of developers, who have delivered “quality private housing projects to homebuyers”. 

    Ban on land sales, new launches for developers that deliver ‘defect-ridden’ projects

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More